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Nuveen seeks shareholder approval to merge some municipal funds
By Toni Weeks
San Diego, Nov. 8 - The boards of three of Nuveen's municipal closed-end funds are seeking shareholder approval to merge the Nuveen Premier Municipal Opportunity Fund, Inc. and the Nuveen Premium Income Municipal Opportunity Fund into the Nuveen AMT-Free Municipal Income Fund, according to a 497 filing with the Securities and Exchange Commission.
The mergers are part of a broad initiative to eliminate overlapping products within Nuveen Funds and result in lower operating expenses per common share, excluding costs of leverage, due to economies of scale resulting from the larger size of the combined fund as well as to enhance the secondary trading market for common shares.
The merger is contingent on shareholder approval of both funds that are being discontinued. The reorganization will not occur if neither or only one of the funds receives shareholder approval.
A shareholder meeting will take place on Dec. 14 in Chicago.
If approved, the reorganization is expected to take place Feb. 11.
Chicago-based Nuveen Fund Advisors, Inc. is the investment adviser to the funds.
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